Correlation Between Graham Holdings and Immage Biotherapeutics
Can any of the company-specific risk be diversified away by investing in both Graham Holdings and Immage Biotherapeutics at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Graham Holdings and Immage Biotherapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Graham Holdings Co and Immage Biotherapeutics Corp, you can compare the effects of market volatilities on Graham Holdings and Immage Biotherapeutics and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Graham Holdings with a short position of Immage Biotherapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Graham Holdings and Immage Biotherapeutics.
Diversification Opportunities for Graham Holdings and Immage Biotherapeutics
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Graham and Immage is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Graham Holdings Co and Immage Biotherapeutics Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Immage Biotherapeutics and Graham Holdings is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Graham Holdings Co are associated (or correlated) with Immage Biotherapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Immage Biotherapeutics has no effect on the direction of Graham Holdings i.e., Graham Holdings and Immage Biotherapeutics go up and down completely randomly.
Pair Corralation between Graham Holdings and Immage Biotherapeutics
If you would invest 88,889 in Graham Holdings Co on November 4, 2024 and sell it today you would earn a total of 3,993 from holding Graham Holdings Co or generate 4.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Graham Holdings Co vs. Immage Biotherapeutics Corp
Performance |
| Timeline |
| Graham Holdings |
| Immage Biotherapeutics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Graham Holdings and Immage Biotherapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Graham Holdings and Immage Biotherapeutics
The main advantage of trading using opposite Graham Holdings and Immage Biotherapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Graham Holdings position performs unexpectedly, Immage Biotherapeutics can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Immage Biotherapeutics will offset losses from the drop in Immage Biotherapeutics' long position.| Graham Holdings vs. Cable One | Graham Holdings vs. Adtalem Global Education | Graham Holdings vs. Axalta Coating Systems | Graham Holdings vs. Madison Square Garden |
| Immage Biotherapeutics vs. Sysco | Immage Biotherapeutics vs. BBB Foods | Immage Biotherapeutics vs. Marfrig Global Foods | Immage Biotherapeutics vs. Vital Farms |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Stocks Directory module to find actively traded stocks across global markets.
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